Fabrinet $FN Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a new Fabrinet position, buying 11,200 shares valued at approximately $4.75 million in the third quarter. Institutional investors and hedge funds collectively own 97.38% of the company’s stock.
• Fabrinet beat quarterly earnings and revenue expectations, reporting EPS of $4.34 and revenue of $1.47 billion; revenue rose 50.7% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $548.88, though several firms recently cut their targets. The stock opened at $293.62, well below its 52-week high of $748.89.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Fabrinet (NYSE:FN - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,200 shares of the technology company's stock, valued at approximately $4,752,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Paradigm Capital Management Inc. NY bought a new position in Fabrinet in the 2nd quarter valued at about $298,183,000. Allspring Global Investments Holdings LLC lifted its position in Fabrinet by 108.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company's stock worth $88,350,000 after acquiring an additional 85,780 shares during the last quarter. Rokos Capital Management LLP bought a new stake in shares of Fabrinet during the first quarter worth approximately $31,753,000. Bowen Hanes & Co. Inc. boosted its holdings in shares of Fabrinet by 97.4% during the first quarter. Bowen Hanes & Co. Inc. now owns 98,715 shares of the technology company's stock worth $51,482,000 after acquiring an additional 48,715 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Fabrinet by 15.9% during the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company's stock worth $152,071,000 after acquiring an additional 40,090 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.22% of the stock is owned by corporate insiders.

Fabrinet Stock Performance

NYSE:FN opened at $293.62 on Friday. The company has a market cap of $10.49 billion, a price-to-earnings ratio of 22.16 and a beta of 1.35. Fabrinet has a fifty-two week low of $286.07 and a fifty-two week high of $748.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.52 and a current ratio of 2.04. The stock has a fifty day moving average price of $396.23 and a 200-day moving average price of $519.09.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, topping analysts' consensus estimates of $4.21 by $0.13. The company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.42 billion. Fabrinet had a return on equity of 22.32% and a net margin of 9.35%. Fabrinet's revenue was up 50.7% on a year-over-year basis. During the same quarter last year, the business earned $2.92 earnings per share. As a group, equities analysts anticipate that Fabrinet will post 17.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FN has been the topic of several research reports. Barclays decreased their target price on Fabrinet from $739.00 to $496.00 and set an "overweight" rating on the stock in a research report on Wednesday. Zacks Research raised Fabrinet from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Rosenblatt Securities dropped their price target on Fabrinet from $750.00 to $600.00 and set a "buy" rating for the company in a report on Tuesday. Susquehanna reduced their price target on Fabrinet from $850.00 to $600.00 and set a "positive" rating for the company in a research note on Wednesday, October 21st. Finally, JPMorgan Chase & Co. upped their price objective on Fabrinet from $465.00 to $470.00 and gave the company a "neutral" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of "Moderate Buy" and an average target price of $548.88.

Fabrinet Profile

Fabrinet NYSE: FN is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.

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